The Level of Financial Literacy of Russians: Before and During the Crisis of 2008-2009
The main goal of this paper is to address the issues of defining and measuring the concept of ‘financial literacy’
in all-Russian surveys as well as to reveal the changes in the level of financial literacy of Russians during the period
The main finding of these surveys is that the level of financial literacy of Russians is low. During the crisis it
started growing but only in terms of self-estimation and perception. In 2009 people thought that they were more
financially literate than before the crisis. However, when they answer questions in the objective tests, a substantial
change in attitudes, knowledge and skills can hardly be noticed.